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re: Law Firm Cravath Raising Starting Salaries to $180,000
Posted on 6/6/16 at 6:29 pm to Teddy Ruxpin
Posted on 6/6/16 at 6:29 pm to Teddy Ruxpin
Yep I would consider 5500 a month in fun money balling. Spend 3k on god knows what and you are still saving 2500 a month on top of 401k. That is balling
This post was edited on 6/6/16 at 6:30 pm
0
Posted on 6/6/16 at 6:31 pm to Mo Jeaux
quote:
I don't know of too many people that pay it much mind to be honest.
its a sore point with my co-workers.
180k in NYC isn't that much, it gets eaten up really fast with taxes and real estate.
Posted on 6/6/16 at 6:33 pm to Hawkeye95
It's a ton of money still in New York
Too many people on here have families and let that cloud their judgement. As a single new guy to the workforce, it is basically frick you money still in NYC
Too many people on here have families and let that cloud their judgement. As a single new guy to the workforce, it is basically frick you money still in NYC
Posted on 6/6/16 at 6:34 pm to Teddy Ruxpin
quote:
These firms aren't paying 180k for slip and falls, is what it seemed you were implying.
I know that. These attorneys are worth the pay
Posted on 6/6/16 at 6:35 pm to lsupride87
Ha ha... No
Posted on 6/6/16 at 6:35 pm to lsupride87
No you can't, unless you have no student loans (lawyers do), and you are a clown about saving/investing.
This post was edited on 6/6/16 at 6:36 pm
Posted on 6/6/16 at 6:36 pm to lsupride87
It's not that much money but it's still not bad. But business school is a year shorter and Wall Street pays 3 times as much.
Posted on 6/6/16 at 6:37 pm to Lou Pai
I broke it down last page. It is a lot of money. Enough to go out all the time and still save a lot
Posted on 6/6/16 at 6:38 pm to RedRifle
quote:
It's not that much money but it's still not bad. But business school is a year shorter and Wall Street pays 3 times as much.
True, but then you have to live in NYC for the most part, and not be able to take advantage of the salary/cost of living opportunities the big firms get you.
The Wall Street life also seems even more brutal, which I can't even imagine.
I know a guy working for a hedge fund whose eyelashes on one eye literally turned white at age 30. He assumes from stress.
This post was edited on 6/6/16 at 6:39 pm
Posted on 6/6/16 at 6:38 pm to lsupride87
Between federal income taxes and NY state income tax I don't think you would be bringing home 10k. I think NYC has some bullshite city income tax too but I've never lived there
I do agree it's pretty good though, the problem is saving since buying real estate there is insane as well. Everything is more expensive there and it adds up especially if you go out from what friends have told me
I do agree it's pretty good though, the problem is saving since buying real estate there is insane as well. Everything is more expensive there and it adds up especially if you go out from what friends have told me
This post was edited on 6/6/16 at 6:41 pm
Posted on 6/6/16 at 6:39 pm to ShaneTheLegLechler
quote:
Between federal income taxes and NY state income tax I don't think you would be bringing home 10k. I think NYC has some bullshite city income tax too but I've never lived there
If you max your 401k you will be under 10k for sure, closer to 9k. If you don't then you'll be around there.
This post was edited on 6/6/16 at 6:40 pm
Posted on 6/6/16 at 6:40 pm to lsupride87
I know you did, and you made some wrongfully generous assumptions about taxes and investing/saving.
Posted on 6/6/16 at 6:42 pm to Teddy Ruxpin
quote:
I'd also say that there aren't many people making top 5% incomes in this country working 40 hours a week.
You're right - dentists only work around 32 hours/week.
This post was edited on 6/6/16 at 6:43 pm
Posted on 6/6/16 at 6:44 pm to 911Moto
quote:
You're right - dentists only work around 32 hours/week.
If I could do it all over again.
Posted on 6/6/16 at 6:44 pm to RedRifle
yay.
Posted on 6/6/16 at 6:47 pm to Lou Pai
Also not balling given that law school tuition at the T14 law schools (from where most V50 firms that will match the $180K salaries will recruit their attorneys) ranges from $156K (Berkeley) to $183K (Columbia) for three years. This does not even include living expenses and added education fees.
Secondary markets will eventually match (especially nice for those attorneys at NYC-based firms in secondary markets). For example, attorneys in a few Houston firms will eventually get paid the $180K scale; however, their bonuses will be lower than their NYC counterparts. Still, the NYC attorneys will make much less than their secondary market counterparts once adjusted for inflation.
People will certainly make a big deal about the new $180K announcement. But people should remember that billable hour requirements are hell (70-80 hour work weeks at minimum), law school tuition is high, competition is fierce, and salary increases have occurred in the legal field since 2007. Moreover, compensation at I-banks, etc. are often much larger once you account for their sizable bonuses.
Secondary markets will eventually match (especially nice for those attorneys at NYC-based firms in secondary markets). For example, attorneys in a few Houston firms will eventually get paid the $180K scale; however, their bonuses will be lower than their NYC counterparts. Still, the NYC attorneys will make much less than their secondary market counterparts once adjusted for inflation.
People will certainly make a big deal about the new $180K announcement. But people should remember that billable hour requirements are hell (70-80 hour work weeks at minimum), law school tuition is high, competition is fierce, and salary increases have occurred in the legal field since 2007. Moreover, compensation at I-banks, etc. are often much larger once you account for their sizable bonuses.
Posted on 6/6/16 at 6:48 pm to RedRifle
Not a lot of money for NYC
"The median sales price for homes in New York for Mar 2 to Jun 1 was $1,156,000 based on 644 home sales. Average price per square foot for New York was $1,425, an increase of 3% compared to the same period last year. The median rent per month for apartments in New York for May 2 to Jun 2 was $4,950."
LINK
"The median sales price for homes in New York for Mar 2 to Jun 1 was $1,156,000 based on 644 home sales. Average price per square foot for New York was $1,425, an increase of 3% compared to the same period last year. The median rent per month for apartments in New York for May 2 to Jun 2 was $4,950."
LINK
Posted on 6/6/16 at 6:54 pm to EA6B
A 26 year old isn't buying in NYC
Posted on 6/6/16 at 6:55 pm to Teddy Ruxpin
Hedge fund guys are a whole different world. I was talking about run of the mill IB at Citi or MS.
Posted on 6/6/16 at 6:56 pm to lsupride87
I like how many are treating this first year salary as the be all end all of BigLaw life. Their salary goes up steeply if you can stick it out for more than a few years.
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